Genex Power (ASX:GNX) is through to the final stage of funding for the Australian Renewable Energy Agency's large scale solar photovoltaics funding round.
Genex can now submit a full application to ARENA for the first 50MW phase of the company’s 150MW large-scale Kidston Solar project in north Queensland.
Genex is looking to develop its Kidston hydro pumped storage power generation project and has already received a a commitment from AREAN to provide $4 million of funding support for the pumped storage hydro project.
Pumped hydro storage can provide a cost-effective alternative to large-scale battery storage and concentrating solar thermal storage.
That funding is by way of unlisted convertible redeemable notes of up to $4 million, to be issued in tranched payments to Genex with a zero coupon and can be converted intto Genex shares at $0.20 each.
With an objective of being “shovel ready” for the Kidston solar project in 1H 2016, today's news that Genex can submit a full application and through to the final stage of a very competitive solar funding process is timely.
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